Neta's Thailand plant has begun production of the right-hand drive version of the Neta V-II and will be the main manufacturing base for Neta's right-hand drive EVs.
(Neta saw the first vehicle produced by its Thailand plant roll off the assembly line. Image credit: Neta)
Neta, a brand owned by Chinese electric vehicle (EV) company Hozon Auto, has started production at its vehicle assembly plant in Thailand, slightly ahead of its original plan of the end of January 2024.
The plant, which is Neta's first overseas vehicle assembly facility, went into operation on November 30 with the completion of assembly of the first right-hand-drive version of the Neta V-II, Neta and its partner in Thailand, Bangchan General Assembly, announced today.
After mass production begins in the first quarter of 2024, the plant will have a capacity of 20,000 units per year, Neta said, adding that it will become the primary manufacturing base for Neta's right-hand drive EVs, meeting mobility needs in Thailand and the broader market.
This is an important step in Neta's global strategy and will allow the company to produce and deliver more EVs to meet demand in Thailand and the broader ASEAN region, Neta co-founder and CEO Zhang Yong said.
(Neta displayed a number of models at the ongoing Thailand auto show. Image credit: Neta)
Founded in October 2014, Neta launched its first model in November 2018, making it one of the first new car-making forces in China.
The company announced its strategy to enter the Thai market back in November 2021 and launched the right-hand drive version of the Neta V in August 2022 in the country.
Neta broke ground on its plant in Bangkok, Thailand, on March 10 this year, which would be its main manufacturing base for building right-hand drive EVs for export to ASEAN, the company said in March.
Upon completion, the plant will have a capacity of 20,000 units/year and is expected to start production by the end of January 2024, Neta said on March 10.
To date, Neta has cumulatively delivered more than 12,000 vehicles in Thailand, ranking second in EV registrations in the country with a 20 percent share, it said.
Neta will enter more markets next, with seven overseas models already planned, it said.
The company plans to enter more than 50 countries and territories by 2024, targeting overseas sales of 100,000 vehicles next year, it said, repeating a goal mentioned earlier this month.
In addition to Thailand, Neta previously announced it entered markets including Malaysia and Indonesia. It also shipped a batch of Neta U crossovers to Turkey last month and plans to start selling a number of models in the United Arab Emirates in 2024.
Neta aims to transform itself into a global high-tech technology company by 2026 and reach 1 million sales in global markets, it said on October 30.
Neta delivered 12,085 vehicles in October, down 32.92 percent from 18,016 in the same month last year and down 8.52 percent from 13,211 in September, according to data it announced on November 1.
In the January-October period, Neta delivered 109,855 vehicles, down 14.98 percent from the same period last year.